Pakistan Mint
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Company type | Public |
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| Headquarters | , |
Area served | Pakistan |
| Products | Coins |
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| Website | pakistanmint |
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The Pakistan Mint is the Pakistan's official maker of Pakistani coins. It is currently located in Shalimar Town, Lahore.
History
The Pakistan Mint was founded in September 1943 as His Majesty's Mint when, during World War II, the British Indian government relocated mint operations from Calcutta to Lahore in response to Japanese bombing.[1] After the partition of India in 1947, the mint was renamed Pakistan Mint.[1][2]
In 2003, the Federal Investigation Agency (FIA) uncovered a Rs. 26 million fraud at the Pakistan Mint, implicating Mint Master Riaz Hasan Khan, Works Manager Raja Fayyaz Anwar, and Deputy Secretary Muhammad Younis.[3][4] The probe was launched on the orders of the Lahore High Court after a complaint from the lowest bidder for supplying copper and nickel.[3] According to the FIA, during 2001–2002 the accused colluded with a local supplier to award contracts at inflated prices, despite the mint's existing metal stocks.[3] The inquiry found that they bypassed mandatory price comparisons with the London Metal Exchange, accepted substandard materials, and concealed procurement details.[3] The FIA report alleged Riaz Hasan Khan received Rs. 5.5 million to favor a non-specialist firm, resulting in losses to the state exchequer and possible tax evasion by the supplier's chief executive.[3]
Products
Pakistan Mint has been manufacturing not only coins or currency for the state with denominations of 1, 2, 5 and 10.[5] It also manufactures medals and awards for the Armed Forces, postal seals and stamps.[6]
References
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- ^ a b Page Module:Citation/CS1/styles.css has no content.Hanif, Intikhab (August 11, 2012). "An institution in mint condition". DAWN.COM.
- ^ Page Module:Citation/CS1/styles.css has no content."History of Pakistan Mint".
- ^ a b c d e Page Module:Citation/CS1/styles.css has no content."LAHORE: Rs26m fraud in Pakistan Mint". DAWN.COM. March 16, 2004.
- ^ Page Module:Citation/CS1/styles.css has no content."LAHORE: Fresh inquiry into Rs26m bungling". DAWN.COM. May 19, 2004.
- ^ Page Module:Citation/CS1/styles.css has no content."Request For Proposals: Pakistan Mint Modernization". lahore.nelaam.com. 9 June 2010. Archived from the original on 26 December 2018. Retrieved 30 November 2015.
- ^ Page Module:Citation/CS1/styles.css has no content."Pakistan Mint to be modernised". The Express Tribune. 16 January 2011. Retrieved 30 November 2015.
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